Medicare Supplement Plans in Colorado

  • Group of seniors discussing Medicare coverage

Medigap Plans for Colorado
(aka Medicare Supplement Plans)

Original Medicare coupled with a Medigap Plan, also known as a Medicare Supplement, is the traditional and most popular option when it comes to your Colorado Medicare health coverage. Medigap policies are standardized by the federal government so that you can compare "apples to apples" between insurance companies. In other words, Plan F is Plan F no matter who you buy it from. Plan G is Plan G no matter who you buy it from.

Since the coverage is identical, the cost is the only difference when deciding which insurance company to choose. The price spread is so large that premiums can actually be double for the exact same coverage. Also it is important to consider how stable the rates will be in the future. That’s why it’s important to buy from an independent broker who represents various companies.

Medigap Description and Coverage:

Medigap Plans are named with a letter and go from A to N. Although there are several good options, the most comprehensive Medigap policy is called "Plan F". Plan F covers 100% of Medicare deductibles, coinsurances, and excess charges, meaning you have zero out of pocket costs on all Medicare eligible expenses. You could think of it as the “peace of mind plan.”

Plan G is now becoming another very popular plan for several reasons. It is identical in coverage to Plan F except it does not pay for the small Part B calendar year deductible of $185 in 2019. In return, the premiums are less. So if you can purchase a Plan G that saves you more than $185/year, you are money ahead. In addition, if you are one of those fortunate people who rarely sees a doctor, you may get away with not needing to pay the $185 deductible either.

Be aware that Plan F and Plan C will not be available to new Medicare beneficiaries after January 1, 2020. Congress signed this change in 2015 under the Medicare Access and CHIP Reauthorization Act (MACRA). Those who already have a Plan F or C Medicare Supplement plan are grandfathered in and may keep their plan.

Several Medicare Supplement plan designs even pays up to $50,000 for emergencies if you travel outside of the USA, which is important since Medicare does not cover you outside of the country. For a quick overview of what is covered by plans A through N click here. For a full description, on a specific plan, contact us.

To view or download a booklet published by Medicare called "Choosing a Medigap Policy", Click Here

To view or download the "Medicare and You" booklet published by Medicare, Click Here

Cost: Premiums for Plan F will depend on your gender, tobacco usage, where you live and what insurance company is selected. For example in January 2018, a 65-year old, non-smoking female living in Fort Collins, Colorado will pay anywhere from $125 to $140 per month for Plan F policies from the most popular companies, while a similarly aged male in Fort Collins, Colorado will pay between $140 to $160 per month. Of course, as with any insurance, premiums will usually go up on an annual basis.

Positives of a Colorado Medigap Plan:

Best coverage: Medigap plans vary in levels of coverage. The best Medicare supplements are Plan F and Plan G, because they give you the most comprehensive coverage. With Plan F you don't have to worry about paying for any deductibles, copays or coinsurances at all. With Plan G you only have a small $185 deductible per year.

No Network Worries: No worries about being “in” or “out” of a Colorado network, because there are no networks! Medigap policies are especially well suited for those who do a lot of RV travel, for “snow-birds,” or those living in rural areas.

Nationwide coverage: Want the ability to see the best doctor or the finest hospital anywhere in the United States? Medigap Plans give you the ultimate in freedom of choice as you can see any provider who has not opted out of Medicare.

Cannot be cancelled: So long as premiums are paid, Colorado Medigap Plans cannot be cancelled, nor can benefits be lessened.

Portable: Think you might move to another state? Your Medigap Plan will move right along with you. No fuss. No muss. No need to re-apply simply because you left Colorado – but why would you?

Negatives of a Colorado Medigap Plan:

Higher price tag compared to a Medicare Advantage plan.

Premiums go up as you get older.

Neither Medicare nor Medigap policies cover prescription drugs, so you will need to get a separate Part D drug plan.

Companies we offer: We offer the best Medicare Supplement insurance Plans in Colorado. They are from the most popular and lowest priced carriers including Anthem Blue Cross/Blue Shield, Mutual of Omaha, AARP, United Healthcare, CIGNA, Humana and many others. Remember, these are complex decisions that you’ll have to live with for a long time. Consequently, you want to make a wise, money-smart decision. While we provide a lot of information here to get you properly educated (much more info than most of our competitors!), the final decision is not as obvious as may seem at first glance. For example, you might think that since all plan F policies are the same, going with the cheapest plan is the best route. Sometimes that might be true. But often it’s not.

For example, some additional factors that a savvy, experienced insurance broker will consider when recommending a Medicare Supplement Plan in Colorado are:

How quickly will the plans raise your rates each year, as you get older?

What is the insurance company’s claims loss ratio? (If the loss ratio is too high it’s an indication of a looming rate increase.)

Many Colorado agents or brokers won’t know the answers to the above questions— but we do! We are happy to speak to you about your options on the phone or in a no-obligation, totally free in-office consultation. Get the best Medicare Supplement Insurance Plan (aka: Medigap) for your unique situation. Only when you have all the necessary information to make an educated decision will you feel the total piece of mind that these plans are supposed to offer!

Call us today at 970-224-5500 or toll free at 800-553-1444 for a free, no-obligation Colorado Medigap consultation!